Greenspan Memory and fear

Greenspan: This is the weekend to praise Alan Greenspan. After 18 years as chairman of the US Federal Reserve Board, the 79-year old is attending his last global central bank get-together at Jackson Hole, Wyoming. The air is thick with encomiums. Here is the man who brought overnight interest rates down from 7% to 3.5%, not to mention fending off the threat of deflation in 2002. Here is the man who presided over an economy that has grown at a 3.1% average rate, and the only decline, way back in ...